Lundin Mining Corporation · TSX:LUN
Lundin Mining — Q3 2026 Earnings Presentation
24 slides from Lundin Mining's earnings presentation, Nov 4, 2026
Slide 1: Q3 Financial Results 2026
Q3 Financial Results 2026 November 4, 2026
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than in other applicable public disclosure documents of the Co
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andrés Morel Teitur Poulsen President & CEO COO CFO 3
Slide 4: Q3 2026 Corporate Highlights
Q3 2026 Corporate Highlights Advancing our strategic vision Caserones Caserones Winter Chapada Ball Advancing Storm Recovery Mill Construction Vicuña Updated production guidance Earthworks and concrete Provincial agreements underway; mill fabrication & powerline approval ongoing announced 4
Slide 5: Q3 2026 Operational and Financial Highlights
Q3 2026 Operational and Financial Highlights Production1,2 Consolidated C1 Cash Cost3 37 kozAu Copper production Gold production 63 ktCu $2.01/lb Financial Results1 Revenue Adjusted EBITDA3 Free Cash Flow from Operations3 $1,109M $648M $418M 1. For continuing operations only. 2. Q3 2026 consolidated
Slide 6: Production Results
Production Results Juan Andrés Morel, COO
Slide 7: Q3/26 Production
Q3/26 Production Winter storms impacted copper production; 63,000 tonnes of copper and 37,000 ounces of gold Copper (kt) Gold (koz) 87 37 80 77 34 33 63 85 32 Q4/25 Q1/26 Q2/26 Q3/26 Q4/25 Q1/26 Q2/26 Q3/26 Continuing Ops Discontinued Ops Annual Production vs. Revised Guidance1 285 – 310 kt Annual P
Slide 8: Q3/26 Copper Production by Mine
Q3/26 Copper Production by Mine Candelaria Chapada Caserones Q3 copper production of 35 kt Q3 copper production of 13 kt Q3 copper production of 15 kt 40 39 13 34 35 12 34 11 11 31 31 15 Q4/25 Q1/26 Q2/26 Q3/26 Q4/25 Q1/26 Q2/26 Q3/26 Q4/25 Q1/26 Q2/26 Q3/26 Commentary Commentary Commentary Planned
Slide 9: Caserones Winter Storms
Caserones Winter Storms Revised guidance due to ongoing weather impacts • Weather conditions continue to impact mine movement • Snow melt has created muddy conditions in the pit limiting haulage speeds and reducing ore delivery to the mill • Caserones guidance reduced by 15 kt to 105,000 t – 115,000
Slide 10: Financial Performance
Financial Performance Teitur Poulsen, CFO
Slide 11: Q3/26 Revenue Breakdown
Q3/26 Revenue Breakdown South American focused, copper dominant Q3 Metal Mix Q3 By Mine Revenue Other Chapada $1,109M Silver 1% Gold 11% 1% 24% Q3 Caserones 23% Q3 Candelaria 53% Copper 87% 11
Slide 12: Volume Sold & Realized Prices
Volume Sold & Realized Prices High realized copper pricing drove financial results in the quarter Copper Volume Sold Realized Prices1 Realized Prices1 $6.85 Cu (kt) Cu ($/lb) Au ($/oz) $5,123 $6.51 $4,506 $5.89 $5.83 $6.40 $4,412 $4,875 $4,321 89 79 78 $6.05 87 74 $4,385 77 64 $5.70 $3,698 $4,258 $4
Slide 13: Q3 Production Costs
Q3 Production Costs Trending below cash cost guidance range 2026 Consolidated Cash Cost2 2026 FY Guidance • Caserones: winter storm disruptions lowered production output YTD $1.92/lb • Candelaria: higher production and by-product credits $1.95/lb $2.15/lb • Chapada: continued to benefit from high by
Slide 14: Consolidated C1 Sensitivity
Consolidated C1 Sensitivity 1% 2% 3% 34% 13% 14% 8% 18% Labour Consumables Fuel & Energy 10% 3% Costs 21% Costs 5% Explosive Other Mine Costs Rods/Balls Salaries Contractors Electricity Diesel Regaents Supplies Consolidated C1 Sensitivity ($/lb) -$0.16 -$0.12 -$0.08 -$0.04 $0.00 $0.04 $0.08 $0.12 $0
Slide 15: Capital Expenditures
Capital Expenditures Expected to pick up in the second half of the year • Q3 Capital expenditure of $220M Sustaining1,2 Expansionary1,2 Stripping Tailings Vicuna (50%) Other • $81M related to Vicuña Other Equipment UG Development $97M • Winter storms disrupted capital $126M $123M $83M $16M deploymen
Slide 16: Q3 Key Financial Metrics
Q3 Key Financial Metrics Near record adjusted EBITDA during the 3rd quarter Adjusted EBITDA1,2 Adjusted Operating Cash Flow1,2 $648 million in Q3 $430 million in Q3 $678M $701M $658M $648M $627M $665M $686M $495M $490M $450M $430M $383M $472M $366M Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/
Slide 17: Q3 Key Financial Metrics
Q3 Key Financial Metrics Continued strong financial performance this quarter Free Cash Flow from Operations1,2 Adjusted Earnings1,2 $418 million in Q3 $277 million in Q3 $370M $413M $418M $364M $380M $360M $388M $277M $265M $257M $152M $169M $143M $160M Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/2
Slide 18: Cash Flows and Balance Sheet Strength
Cash Flows and Balance Sheet Strength Key changes in net cash during the third quarter $101M $23M Net Cash1,2 $237M $430M ($123M) ($97M) ($8M) ($10M) ($62M) ($17M) ($51M) $237M ($28M) $79M Net Cash (Debt) Adj. Operating Working Capital European Asset Sustaining Expansionary Settlement of Caserones S
Slide 19: Disciplined Growth
Disciplined Growth Jack Lundin, President & CEO
Slide 20: Vicuña – Tracking to a Sanctioning Decision
Vicuña – Tracking to a Sanctioning Decision Key activities Long term provincial agreements secured Power line connection approved Stage 1 capital estimate update ongoing Execution plan and schedule updates 20
Slide 21: Copper for the Next Generation
Copper for the Next Generation Strong operational results Exceptional financial Positioned for growth from Candelaria and performance Chapada 21
Slide 22: Q3 Financial Results 2026
Q3 Financial Results 2026 November 4, 2026
Slide 23: Saúva Project
Saúva Project Potential to add ~15 kt/yr copper and 45 koz/yr gold • Ball mill construction is approximately 15% complete • Earthworks and concrete pouring have started on site for the mill foundation • Fabrication of the ball mill is underway and expect to arrive on site in Q1 of next year New Ball
Slide 24: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures The Company has included certain financial measures (“Non-GAAP measures”) in this presentation. These financial measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards (“IFRS”) and,